China EV stocks listed on Hong Kong rise after Beijing announces plans to boost the sector’s growth. Shares of BYD Company increased by 2.7%, Nio jumped 3.3%, and Xpeng and Li Auto gained 1.2% each. The Hang Seng index gained 0.3%, while the CSI 300 index added 0.4%.
China’s SMIC warns of persistent macroeconomic and geopolitical challenges in 2024, citing potential impact on its business. The company reported a 54.7% drop in fourth-quarter profit, with earnings down to $174.68 million from the same period a year earlier.
Kakaobank shares jumped 7% following a 25% rise in fourth-quarter net profit and an 11.8% increase in its customer base.
Santos, Australia’s energy firm, experienced a sharp decline on Wednesday, dropping as much as 8.5%, after the termination of merger talks with Woodside. Woodside’s shares, however, gained 2.38%.
DBS Group, the largest bank in Southeast Asia, reported a 2% increase in fourth-quarter net profit, resulting in a 1.6% rise in its shares. The company also announced a 21% reduction in variable compensation for its senior management, including CEO Piyush Gupta.
New Zealand’s fourth-quarter unemployment rate came in at 4%, lower than the expected 4.2% and slightly higher than the preceding quarter’s 3.9% rate.
According to Tokyo-based advisor Jasper Koll, the Nikkei 225 index could potentially surge more than 50% over the next two years.
Crypto-related equities, including Coinbase and bitcoin proxy Microstrategy, gained as bitcoin prices rose by 2% in afternoon trading. Additionally, the 10-year Treasury yield decline added to concerns about U.S. regional banks.
With over half of S&P 500 companies reporting earnings for the previous quarter, earnings are up 8.1% year over year and are beating analyst expectations by 6.3%. Revenue is also up 3.2% year over year and has surpassed expectations by 1.3%.
